MedMira Reports Second Quarter Results

MedMira (TSXV:MIR), reported today on its financial results for the quarter ended January 31, 2018.

As quoted in the press release:

• Revenue: The Company recorded revenues in Q2 FY2018 of $183,876 compared to $193,576 in Q2 FY2017. The slight decrease in revenue was due to the Company’s strategy to focus on high profit margin markets. As outlined below, this strategy has resulted in the Company recording a higher contribution margin and has also indirectly decreased expenses.
• Gross Profit: The Company recorded a gross profit in Q2 FY2018 of $141,848 compared to $133,652 for the same period last year. The overall gross margin percentage on sales increased by 8% from 69% in Q2 FY2017 to 77% in this financial quarter.
• Operating expenses: In this quarter, the Company recorded operating expenses of $681,442 compared to $562,527 in Q2 FY2017. The increase of 21% in operating expenses was primarily due to an increase in the Company’s current research and development work on two new products. All other expenses decreased by 20% during this quarter compared to the same period last year.

Click here to read the full press release.